Genex secures $107 million funding for its solar assets in Australia
Genex Power announced that it has secured a five-year $107 million senior debt facility for its 50MW Kidston and Jemalong solar projects in Australia.
The company said that its new facility has been financed by existing lenders Deutsche Zentral-Genossenschaftsbank (DZ BANK) and Westpac Banking Corporation, demonstrating their continued confidence in the solar projects and Genex.
Genex said that the facility is due to mature on 17 December 2024.
The interest rate on the new senior facility is 95%, hedged at favourable rates until 2030 with a maturity date of 27 June 2029.
The power company said that it secured more favourable financing terms than its existing facility thanks to the strong operational performance of the Jemalong Solar Project in New South Wales and the Kidston Solar Project (KS1) at its Clean Energy Hub in Kidston, North Queensland.
Genex Chief Executive Officer Craig Francis said, “We are delighted to have successfully refinanced our existing senior and subordinated debt facilities on favourable terms, reflecting the strong operating performance of our solar projects.”
Read more: Australia to invest $15 billion in renewable energy, domestic manufacturing
The 50MW Jemalong Solar Project near Forbes in central New South Wales is the second solar asset in Genex’s renewable energy portfolio. Energized in 2020, it has a 30-year lifespan, cost AUS$90 million to develop, and utilized modules supplied by Jinko.
Francis added, “This refinancing not only strengthens our financial position but also enables us to continue our commitment to sustainable energy development in Australia.”
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